Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1, 2020, with payment of 18,000 dinars to be made on March 1, 2021. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2020, Icebreaker enters into a forward contract to purchase 18,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: Date December 1, 2020 December 31, 2020 March 1, 2021 Spot Rate $ 3.60 3.70 3.85 Forward Rate (to March 1, 2021) $ 3.675 3.800 N/A a-1. Assuming that Icebreaker designates the forward contract sa cash flow hedge of a foreign currency payable, prepare journal entries for the import purchase and foreign currency forward contract in U.S. dollars. Reg A1 Reg A2 to A4 Reg B1 Req B2 to B3 Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency payable, prepare journal entries for the import purchase and foreign currency forward contract in U.S. dollars. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Show less No Credit Date 12/01/2020 General Journal Sales Accounts payable (dinars) Debit 54,400 1 54,400 12/01/2020 No journal entry required N 3 12/31/2020 Foreign exchange gain or loss Accounts payable (dinars) 4 12/31/2020 Forward contract Foreign exchange gain or loss 5 5 12/31/2020 Foreign exchange gain or loss 6 12/31/2020 Foreign exchange gain or loss Accounts payable (dinars) 7 03/01/2021 Foreign exchange gain or loss Accounts payable (dinars) 8 03/01/2021 Forward contract Foreign exchange gain or loss 9 03/01/2021 Forward contract Foreign exchange gain or loss 11 03/01/2021 Foreign currency (dinars) Forward contract Cash >> 12 03/01/2021 Accounts payable (dinars) Foreign currency (dinars)